Woori Net (115440) 🔎 In-depth
KOSDAQ · Price as of 2026-08-06 · Updated 2026-08-09
Woori Net is a telecommunications-equipment maker founded in 2000 and listed on the KOSDAQ in 2010, whose core business is producing equipment for communication and broadcasting networks and supplying it to carriers, broadcasters, and others; its largest shareholder is Net Solutions Holdings. Disclosures in February and March 2026 finalized annual revenue of ₩75.5 billion, operating profit of ₩1.9 billion, and net profit of ₩3.7 billion, showing a steep year-over-year profit decline, and on 2026-06-12 a merger was decided in which subsidiary IStorm absorbs another subsidiary, BJ Connect, in the nature of internal group housekeeping. The strength is an asset-based discount: on solid finances where debt, liquidity, and interest burden are all sound, a P/B of 0.86x means the shares trade below net assets. The caution is that revenue and profit fell sharply within a single year after peaking in 2024, and the company even posted a quarterly loss in 2026 Q1, so the assessment turns on whether carrier investment and new orders revive and profit recovers.
This page organises public market and filing data for information purposes. It is not a recommendation to buy or sell, nor investment advice. Metrics labelled “forward” are our own unverified estimates. Please verify with the original DART filings and decide at your own responsibility.
30-second brief
Pulled directly from the computed values below — not a separately written opinion.
What do the SourceComputedEstimateReading tags mean?
Source filings and exchange data · Computed calculated from public data · Estimate our own unverified projection · Reading drafted automatically, then rule-checked. See AI & Automation.
Core valuation metric
This stock's effective sub-sector is “IT Hardware & Equipment” (Semiconductors & IT Components), a type typically read first through forward P/E.
IT hardware and equipment makers see orders and earnings swing with their customers' investment cycles and new-product launches, so what matters is the profit still to come, not the profit already booked. That is why forward P/E, based on expected earnings, is the first lens here.
Price against earnings alone becomes unstable when earnings swing. Reading it together with price against assets helps gauge the downside.
This note explains how each sector is typically valued and is educational context only, not investment advice.
At-a-glance assessment financial health · growth · profitability · valuation
- Debt ratio, current ratio and interest burden all look healthy.
- Revenue fell 42.6% year over year (3-year trend: mixed).
- Most recent quarter (Q1 2026) revenue was 22.5% lower than a year earlier.
- ROE is 3.9% (controlling-interest basis). It is above the sector average.
- Operating margin is 2.6%.
- The P/E sits above the sector median, reflecting elevated expectations.
Ownership & governance As of 2025-12-31
Largest shareholder Net Solutions Holdings 26.31% (corporate)
Controlling bloc incl. related parties 26.31%
With the controlling bloc holding 26%, control is maintained but the free float is relatively large.
🔎 In-depth analysis Reading
Woori Net is a telecommunications-equipment maker founded in 2000 and listed on the KOSDAQ in 2010. Its headquarters are in Anyang, Gyeonggi Province, and its core business is producing equipment for communication and broadcasting networks and supplying it to carriers, broadcasters, and others. The largest shareholder is Net Solutions Holdings, giving it a holding-company style ownership structure. As a small-cap with a market capitalization of ₩81.3 billion, it is worth examining not only the flow of the business itself but also how a single disclosure, such as a subsidiary merger, affects the finances and share count.
The latest close is ₩7,350 and the market capitalization is ₩79.3 billion. The price sits above its 20-day moving average (₩6,811) and below its 60-day moving average (₩9,410). Short-term and medium-term trends are diverging, so the direction is best read separately. The RSI (a supplementary indicator that gauges the strength of gains versus losses over the past 14 days on a 0-100 scale) is 50.4, a neutral level. The one-month change is +3.5%, the three-month change is -53.5%, and the position relative to the 52-week high is -60.7%. Relative strength versus the KOSDAQ is 79 (on a 1-99 scale, converted from returns against the index over the past year with more weight on recent performance; higher means stronger than the market). It is stronger than roughly 79% of all stocks. Over the past three months it lagged the index by 34.0%. Chart interpretation is best done alongside trading volume and the dates on which disclosures occur.
Recent annual (2025) revenue was ₩75.5 billion, with operating profit of ₩1.9 billion and net profit of ₩3.7 billion. The operating margin of 2.6% and ROE (how much is earned in a year on shareholders' equity) of 3.9% put profitability at an average level. Finances, by contrast, are on the firm side: the debt ratio (debt against equity) is 143%, but the current ratio (assets convertible to cash against debt due within a year) is 283%, giving ample short-term payment capacity, and the interest-coverage ratio of 3.3x covers interest without strain. The trailing P/E (the price multiple on the past year's earnings) of 21.62x looks high on the number alone, but that results from using a year in which earnings bottomed as the denominator, so it is hard to declare it expensive outright. If anything, the P/B (how many times book value the share price is) of 0.84x, below 1x, means the price is set below the company's net assets, an undervaluation signal on an asset basis.
Revenue rose from ₩119.1 billion in 2023 to ₩131.6 billion in 2024, then fell sharply to ₩75.5 billion in 2025, a 42.6% contraction within a single year. Operating profit (₩20.1 billion to ₩1.9 billion) and net profit (₩20.4 billion to ₩3.7 billion) also plunged that year, largely a pullback from the unusually strong base of 2024. In 2026 Q1, revenue of ₩11.8 billion was down 22.5% from the same period a year earlier, with an operating loss of ₩4.0 billion and a net loss of ₩3.8 billion, a quarterly loss. In other words, this is clearly an earnings-trough phase. This year's annual revenue is gauged at about ₩57.2 billion, but that is only the revenue outline; whether annual profit turns positive is not yet settled. Telecom equipment is a sector where quarterly swings are large depending on carriers' investment cycles and order timing, so the crux of a recovery is future orders and the revenue contribution of new businesses.
Recent disclosures show earnings changes and governance housekeeping together. The 2026-02-09 and 2026-03-11 (correction) filings finalized a results change of annual revenue ₩75.5 billion, operating profit ₩1.9 billion, and net profit ₩3.7 billion; as a steep decline from the prior year, it needs checking against whether it points in the same direction as the annual trend. On 2026-06-12 a merger was decided in which subsidiary IStorm absorbs another subsidiary, BJ Connect. Both are unlisted subsidiaries, and the disclosure is in the nature of internal group housekeeping, put forward with the aim of raising management efficiency and business competitiveness. Whether such structural change carries through to actual results and financial metrics is the next check point.
Woori Net's strength is clear. On stable finances where debt, liquidity, and interest burden are all sound, a P/B of 0.86x means the shares trade below net assets, so on an asset basis it is undervalued. Even set against adjacent peers in the same sector, the price is light relative to assets. The weakness is candid too. Revenue and profit fell sharply within a single year after peaking in 2024, and in 2026 Q1 the company even posted a quarterly loss. So this stock rests on a floor of "a cheap asset value and firm finances," but the assessment turns on whether results turn around again. If carrier investment and new orders revive and profit recovers, the low P/B can serve as a springboard for a re-valuation; conversely, if the loss-making phase drags on, it is hard to lift the share price on asset appeal alone. Given small-cap traits, it is also worth tracking how disclosures such as mergers and funding affect the share count and metrics.
🔎 Valuation vs peers Overvalued
A peer set within the communication and broadcasting equipment sector drawn from companies of adjacent market capitalization.
| Peer | P/E | P/B | ROE |
|---|---|---|---|
| Gaon Group | 12.22x | 0.61x | 5.51% |
| Korea Advanced Materials | — | 1.75x | -97.89% |
| Oneul E&M | — | 19.69x | -2452.29% |
Within the communication and broadcasting equipment sector, priority was given to a public-data peer set of adjacent market capitalization. The current P/E (how many times a year's earnings the share price is) is 21.62x and the P/B (how many times book value the share price is) is 0.84x. That said, for lower-cap names, swings in earnings and funding disclosures carry a large effect, so no firm conclusion is drawn from last year's confirmed-results metrics alone. The basis for the outlook box is a DART seasonality approximation.
Earnings outlook Estimate company-stated · verified
| Type | Period | Revenue | Operating profit | Net profit |
|---|---|---|---|---|
| This year | 2026 | ₩57.2 billion | — | — |
| Next quarter | Q2 2026 | ₩16.3 billion | — | — |
Price history Close · MA20 · MA60
The latest close is ₩7,350 and the market capitalization is ₩79.3 billion. The price sits above its 20-day moving average (₩6,811) and below its 60-day moving average (₩9,410). Short-term and medium-term trends are diverging, so the direction is best read separately. The RSI (a supplementary indicator that gauges the strength of gains versus losses over the past 14 days on a 0-100 scale) is 50.4, a neutral level. The one-month change is +3.5%, the three-month change is -53.5%, and the position relative to the 52-week high is -60.7%. Relative strength versus the KOSDAQ is 79 (on a 1-99 scale, converted from returns against the index over the past year with more weight on recent performance; higher means stronger than the market). It is stronger than roughly 79% of all stocks. Over the past three months it lagged the index by 34.0%. Chart interpretation is best done alongside trading volume and the dates on which disclosures occur.
Relative performance stock vs index · start = 100
Excess return vs index · 3M -34.01% / 6M +30.44% / 12M +18.84%
Key metrics Computed vs sector median
Valuation
The P/E of 21.62x is above the sector median (12.60x). The P/B is 0.84x.
Enterprise value (EV)
EV = market cap + net debt. It reflects cash and debt, so it captures the real cost of the whole business that market cap alone misses; lower multiples are cheaper relative to earnings or sales.
Intrinsic value (DCF estimate) Estimate
Model output — not a price target. This is what the formula returns under the assumptions below, not a view on where the share price should go.
DCF (discounted cash flow) estimate — discount rate 10.1%, initial growth 4.0%→terminal 2.0%, 10-yr forecast, free-cash-flow basis. A reference range that shifts materially with assumptions.
Profitability & financials
Return on equity (ROE) is 3.9%, above the sector average (3.0%). The operating margin is 2.6%. The debt ratio is 39.9%, so the financial structure is stable.
Growth FY2025 · annual report (consolidated)
| Item | 2023 | 2024 | 2025 | YoY |
|---|---|---|---|---|
| Revenue | $83.6M | $92.4M | $53.0M | -42.62% ↓ slower |
| Operating profit | $6.0M | $14.1M | $1.4M | -90.29% ↓ slower |
| Net profit | $4.7M | $14.3M | $2.6M | -81.99% ↓ slower |
| 5-year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $42.4M | $43.7M | $83.6M | $92.4M | $53.0M |
| Operating profit | $1.7M | -$4.9M | $6.0M | $14.1M | $1.4M |
| Net profit | $1.4M | -$6.8M | $4.7M | $14.3M | $2.6M |
| Revenue CAGR | 4-yr avg 5.73% | ||||
Revenue fell 42.6% year over year (2023 ₩119.1 billion → 2024 ₩131.6 billion → 2025 ₩75.5 billion), and the three-year trend is 'mixed'. The rate of decline widened from the prior year. Operating profit fell 90.3% year over year. The decline widened. Over the 5 years on record, revenue compound annual growth (CAGR) is 5.7%. The two-year revenue CAGR is -20.4%. In the most recent quarter (Q1 2026), revenue was 22.5% lower than the same period a year earlier.
Latest quarterly results Source Q1 2026 · vs year-ago
Technical indicators Computed
What stands out
- The balance sheet is stable in terms of debt and liquidity.
Points to watch
- Revenue fell 42.6% year over year (3-year trend: mixed).
- The price is high versus peers, so expectations already appear priced in.
Recent news & events searched · sourced
- 2026-03-11Earnings[Correction] Change of 30% or more (15% for large corporations) in revenue or profit structure: annual revenue ₩75.5 billion, operating profit ₩1.9 billion, net profit ₩3.7 billionThis is recent confirmed or preliminary results material. It is read alongside whether it points in the same direction as the annual trend and whether any one-off factors are present. Source
- 2026-02-09EarningsChange of 30% or more (15% for large corporations) in revenue or profit structure: annual revenue ₩75.5 billion, operating profit ₩1.9 billion, net profit ₩3.7 billionThis is recent confirmed or preliminary results material. It is read alongside whether it points in the same direction as the annual trend and whether any one-off factors are present. Source
- 2026-06-12FilingCompany merger decision (major matter of a subsidiary): IStorm — merger, extinguished: BJ Connect. 2. Purpose of the merger: increasing management efficiency and strengthening business competitiveness. 3. Merger ratio 0.5758116. 4. Basis for the merger ratio: the surviving company IStorm and the extinguished company BJ Connect are both subsidiaries of Woori Net and unlisted companies, unlisted companiesThis is a recent change confirmed in the official disclosure text. It must be checked for whether it carries through to actual results and financial metrics. Source
Figure cross-check computed ↔ external
| Metric | Computed | External | Status | Source |
|---|---|---|---|---|
| Closing price | ₩7,350 | ₩7,350 | Confirmed | link |
| Latest quarterly results | revenue ₩11.8 billion, operating profit -₩4.0 billion | revenue ₩11.8 billion, operating profit -₩4.0 billion | Confirmed | link |
| Annual results | revenue ₩75.5 billion, operating profit ₩1.9 billion | revenue ₩75.5 billion, operating profit ₩1.9 billion | Confirmed | link |
| Original text of the results disclosure | [amended] revenue30%: revenue ₩75.5 billion · operating profit ₩1.9 billion · net profit ₩3.7 billion | [amended] revenue30%: revenue ₩75.5 billion · operating profit ₩1.9 billion · net profit ₩3.7 billion | Confirmed | link |
| Original text of the results disclosure | revenue30%: revenue ₩75.5 billion · operating profit ₩1.9 billion · net profit ₩3.7 billion | revenue30%: revenue ₩75.5 billion · operating profit ₩1.9 billion · net profit ₩3.7 billion | Confirmed | link |
| Original text of the disclosure | ) - : 2. 3. 0.5758116 4. | ) - : 2. 3. 0.5758116 4. | Confirmed | link |
| Outlook box basis | DART | DART | Confirmed | link |
Recent filings Source
- 2026-05-20OwnershipOwnership-change filing
- 2026-05-15PeriodicQuarterly report (amended)
- 2026-05-15PeriodicQuarterly report
- 2026-04-13OwnershipOwnership-change filing
- 2026-04-10DividendCash/stock dividend decision (amended)
- 2026-03-31Shareholders' meeting notice
- 2026-03-23PeriodicAnnual business report
- 2026-03-23Audit report
- 2026-03-13Amended filing
- 2026-03-13Amended filing
- 2026-03-13DividendCash/stock dividend decision (amended)
- 2026-03-13Amended filing
📖 Plain-language glossary — expand if you are new to this
- P/E
- How many times a year's net profit the price is worth (lower is cheaper relative to earnings). The P/E here is on trailing (last full-year) results; for companies whose earnings swing fast (memory chips and other cyclicals/high-growth), a forward P/E on this year's expected earnings is more accurate.
- P/B
- Price relative to net assets (equity). Around 1x means it trades near book value; below 1x means below book.
- P/S
- Price relative to a year's revenue — useful for growth companies with thin earnings.
- Net debt / EV
- Net debt = interest-bearing debt − cash. Negative means more cash than debt (net cash). EV (enterprise value) = market cap + net debt, closer to what it would cost to buy the whole business.
- EV/EBIT · EV/EBITDA · EV/Sales
- Enterprise value against operating profit (EBIT), EBITDA, or revenue. Unlike P/E these reflect debt and cash; lower is cheaper relative to earnings power or sales.
- FCF / FCF yield
- Free cash flow = operating cash − capex, the cash actually left over. FCF yield = FCF ÷ market cap; higher means more cash generated per unit of market value.
- Intrinsic value (DCF)
- Future free cash flow (or, for some capex-heavy but profitable names, forecast earnings) discounted to today to estimate per-share value. Because it shifts a lot with the discount-rate and growth assumptions, it is shown as a bear/base/bull range, and the basis and assumptions are disclosed in one line beneath it.
- ROE
- How much profit the company earns in a year on its equity (%). Higher means better returns on capital.
- EPS / BPS
- Earnings per share / net assets (book value) per share.
- Operating / net margin
- Profit left from the core business / final profit after tax and interest, per unit of revenue.
- Debt ratio
- Debt relative to equity (%). Higher means more reliance on borrowing (norms vary by sector).
- Current ratio
- Assets convertible to cash within a year against debt due within a year. Above 100% leaves some short-term headroom.
- Interest coverage
- How many times operating profit covers the interest owed. Below 1x means operating profit alone struggles to cover interest.
- Dividend yield / payout ratio
- The year's dividend as a % of today's price / the share of earnings paid out as dividends.
- Revenue CAGR
- Multi-year growth expressed as a single yearly average (compound annual growth rate).
- RSI (short-term signal)
- Whether recent price action is overheated or beaten down. Above 70 is overbought, below 30 oversold.
- MA20 / MA60 (moving averages)
- The 20- and 60-day average price. Price above them signals a firmer short-term trend.
- vs 52-week high
- How far below the past year's peak the price sits now (%).
All figures are for reference only; how they read varies by sector and over time.
Sources: Korea FSC market-price API (data.go.kr), OpenDART, KRX/KIND — public data only.
Bong Stocks presents public-data-based information for reference only. It is not investment advice and contains no target prices, ratings, or buy/sell recommendations. Verify independently before making any decision.